Libbey Inc CEO John Meier said 3rd May at the Annual General Meeting, that the company is entering its most transformational period after a year of opportunities & challenges that included refinancing more than US$ 400M of debt & buying out its Mexican joint venture partner. "In my 31 years with the company, this was our most challenging year, bar none. I am proud of what we accomplished together", Mr. Meier told shareholders. Among the initiatives was the opening of a state-of-the-art factory in China, the firm's first venture on that side of the world and a key component of the growth plan. The new plant near Beijing places the company in the growing Pacific Rim and is expected to produce good profits, the CEO said. Libbey paid US80M for the 51% interest in Vitrocrisa Holdings held by Vitro SA, June 2006. The move helped push sales up 21% in 2006 to US$ 690M.
